Terms for this lesson
· Property: a thing, tangible or intangible, that is subject to ownership and a group of related legal rights.
· Personal Property: sometimes called personalty, is something that is either movable or intangible.
· Goods: goods are mobile and easily moved.
· Intellectual property: purely intangible—that is, one cannot touch it.
· Copyright: protects the expression of a creative work, sucha s the work of an author, artist, or composer.
· Infringement: unauthorized copying, sales, display, or performance of the work.
· Fair use: the very limited use of copyrighted works by critics, researchers, news reporters, and educators.
· Trademark: a word, mark, symbol, or device that identifies a product of a particular manufacturer or merchant.
· Servicemark: a unique word, mark, or symbol that identifies a service as opposed to a product.
· Patent: the grant of the exclusice right to make, use, and sell a novel or new, nonobvious, useful product or process.
· Trade Secret: commercially valuable information that the owner attempts to keep secret.
· Donor: must do two things: (1) manifest an intent to transfer ownership and (2) deliver the property.
· Delivery: a shift of physical possession of the property to the new owner the done.
· Donee: person receiving the gift.
· Accession: the right of an owner of property to an increase in that property.
· Lost property: created when the owner unknowingly leaves the property, somewhere or accidentally drops it.
· Mislaid property: I intentionally place somewhere but the forgotten.
· Occupancy: acquiring title by taking possession of personal property that belongs to no one else.
· Ownership in severalty: exsist when someone owns property by themselves.
· Co-ownership: exsist when two or more persons have ownership rights in the same property.
· Equal rights of possession: means that no co-owner from any physical portion of the property.
· Right of partition: allows any co-owner to require the division of the property among the co-owners.
· Joint tenancy: the equal co-ownership of the same property with the right of survivorship.
· Right of survivorship: that if one of the joint owners dies, the deceased owner’s interest is divided equally among the remaining joint tenants.
· Tenancy in common: the shares may be unequal and there is no right of survivorship.
· Tenancy by the entireties: a form of co-ownership between husband and wife.
· Community property: each spouse owns a one-half interest in such property.
· Separate property: Property owned by either spouse at the time of marriage or received as a gift or inheritance
Chapter Summary:
Property is a group of rights or interests taht are recognized by society and protected by law. The term may refer to the things themselves--both real and personal, tangible, and intangible--in which one may have legal rights interests.
Real property is land, including the surface of the earth, surface and subsurface water and minerals, and airspace above, and anything permanently attached to the land.
Personal property is any intangile or movalbe tangible property. Intangible personal property includes copyrights, patents, servicemarks, trademarks, and trade secrets.
Rights in property may be acquired by contract, gift, accession, intellectual labor, finding, occupancy, or inheritance.
The true owner of property is entitled to it over anyone who finds it. However, if the owner is not known, a finder is entitled to possession of lost property. The owner of the property on which mislaid property is found is entitled to temporary possession.
Ownership by one person is ownership in severalty. Co-ownership may take the form of joint tenancy or tenancy in common. In some states, husband and wife hold property by tenancy by the entireties. In other states, property acquired during marriage is community property.
· Property: a thing, tangible or intangible, that is subject to ownership and a group of related legal rights.
· Personal Property: sometimes called personalty, is something that is either movable or intangible.
· Goods: goods are mobile and easily moved.
· Intellectual property: purely intangible—that is, one cannot touch it.
· Copyright: protects the expression of a creative work, sucha s the work of an author, artist, or composer.
· Infringement: unauthorized copying, sales, display, or performance of the work.
· Fair use: the very limited use of copyrighted works by critics, researchers, news reporters, and educators.
· Trademark: a word, mark, symbol, or device that identifies a product of a particular manufacturer or merchant.
· Servicemark: a unique word, mark, or symbol that identifies a service as opposed to a product.
· Patent: the grant of the exclusice right to make, use, and sell a novel or new, nonobvious, useful product or process.
· Trade Secret: commercially valuable information that the owner attempts to keep secret.
· Donor: must do two things: (1) manifest an intent to transfer ownership and (2) deliver the property.
· Delivery: a shift of physical possession of the property to the new owner the done.
· Donee: person receiving the gift.
· Accession: the right of an owner of property to an increase in that property.
· Lost property: created when the owner unknowingly leaves the property, somewhere or accidentally drops it.
· Mislaid property: I intentionally place somewhere but the forgotten.
· Occupancy: acquiring title by taking possession of personal property that belongs to no one else.
· Ownership in severalty: exsist when someone owns property by themselves.
· Co-ownership: exsist when two or more persons have ownership rights in the same property.
· Equal rights of possession: means that no co-owner from any physical portion of the property.
· Right of partition: allows any co-owner to require the division of the property among the co-owners.
· Joint tenancy: the equal co-ownership of the same property with the right of survivorship.
· Right of survivorship: that if one of the joint owners dies, the deceased owner’s interest is divided equally among the remaining joint tenants.
· Tenancy in common: the shares may be unequal and there is no right of survivorship.
· Tenancy by the entireties: a form of co-ownership between husband and wife.
· Community property: each spouse owns a one-half interest in such property.
· Separate property: Property owned by either spouse at the time of marriage or received as a gift or inheritance
Chapter Summary:
Property is a group of rights or interests taht are recognized by society and protected by law. The term may refer to the things themselves--both real and personal, tangible, and intangible--in which one may have legal rights interests.
Real property is land, including the surface of the earth, surface and subsurface water and minerals, and airspace above, and anything permanently attached to the land.
Personal property is any intangile or movalbe tangible property. Intangible personal property includes copyrights, patents, servicemarks, trademarks, and trade secrets.
Rights in property may be acquired by contract, gift, accession, intellectual labor, finding, occupancy, or inheritance.
The true owner of property is entitled to it over anyone who finds it. However, if the owner is not known, a finder is entitled to possession of lost property. The owner of the property on which mislaid property is found is entitled to temporary possession.
Ownership by one person is ownership in severalty. Co-ownership may take the form of joint tenancy or tenancy in common. In some states, husband and wife hold property by tenancy by the entireties. In other states, property acquired during marriage is community property.